CORPORATE GOVERNANCE
AFFECTO PLC’S CORPORATE GOVERNANCE STATEMENT GENERAL PRINCIPLES Affecto Plc has prepared the Corporate Governance Statement in accordance with recommendation 54 of the Finnish Corporate Governance Code. The corporate governance statement has been prepared as a separate report and it is also available on the company’s web site www.affecto.com. Affecto’s Board of Directors has reviewed this corporate governance statement. The auditor of the Company, has checked that the statement has been issued and that the description of the main features of the internal control and risk management systems pertaining to the financial reporting process is consistent with the financial statements. Affecto Plc complies with the provisions of the Corporate Governance Code prepared by the Finnish Securities Market Association in 2010. The Finnish Corporate Governance Code can be found from: http://www.cgfinland.fi/. The duties of the different company organs are organized in line with the provisions of the Finnish Companies Act and the Finnish Securities Markets Act as well as other applicable regulation Affecto complies with the rules and recommendations of the Nasdaq Helsinki. The Company’s Board of Directors is responsible for compliance with corporate governance principles. DEPARTURES FROM INDIVIDUAL RECOMMENDATIONS The Company complies with all the recommendations of the Finnish Corporate Governance Code with the exception of recommendation 26. According to the recommendation 26, the members of the audit committee shall be independent of the Company and at least one member shall be independent of significant shareholders. However, Lars Wahlström was a member of the Audit Committee in 2015 in spite he served as the Interim CEO of the Company in 2014 and is therefore, not independent of the Company. In the view of the Company the insight brought by Lars Wahlström is beneficial for the work of Audit Committee and two other members of the Committee including the Chairman are independent of both the Company and the significant shareholders. All in all, in the view of the Company, the benefits obtained from the arrangement contribute to good corporate governance of the Company in spite of the individual departure. AFFECTO GROUP The group parent company is Affecto Plc. Operational business is handled mainly by group subsidiaries. Affecto Finland Oy and Karttakeskus Oy conduct the business in Finland. The business in Sweden is conducted through Affecto Sweden AB, in Norway through Affecto Norway AS and in Denmark through Affecto Denmark A/S. Business in Baltic countries is conducted by Affecto Lietuva UAB, Affecto Latvia SIA, Affecto Estonia OÜ,
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AFFECTO FINANCIAL STATEMENTS 2015
Affecto Poland Sp. z o.o. and Information Technology Solutions Affecto (Pty) Ltd in South Africa. The company’s operational business is managed principally through the country business units. Finland, Sweden, Norway, Denmark and Baltic were the five reportable segments of the group in 2015. GENERAL MEETING The General Meeting of Shareholders is the highest decisionmaking body of the company. The Annual General Meeting confirms the company’s financial statements and decides on the distribution of profits, elects the Board and the auditors and determines their fees. The Board shall summon an Annual General Meeting within six months of the end of the financial period. Any matter that a shareholder wishes to be addressed at a General Meeting of Shareholders shall be notified in writing to the Board of Directors in such time that the matter may be included in the notice convening the General Meeting of Shareholders. Extraordinary General Meetings can be convened during the year, if needed. SHAREHOLDERS’ NOMINATION COMMITTEE Based on the Board of Directors’ proposal, the Annual General Meeting of 2015 resolved to appoint a shareholders’ Nomination Committee to prepare proposals concerning members of the Board of Directors and their remuneration for the following Annual General Meeting. The Shareholders’ Nomination Committee consists of the representatives of the three largest shareholders and the Chairman of the Board of Directors, acting as an expert member, if he/ she is not appointed representative of a shareholder. The members representing the shareholders will be appointed by the three shareholders whose share of ownership of the shares of the company is largest on 31 October preceding the Annual General Meeting. Should a shareholder not wish to use its right to nominate, this right will be passed on to the next largest shareholder who does not already have a right to nominate a representative. The largest shareholders will be determined on the basis of the ownership information registered in the book-entry system. However, holdings by a shareholder, who under the Finnish Securities Markets Act has the obligation to disclose changes in shareholdings (flagging obligation), may be combined provided that the owner presents a written request to that effect to the Board of Directors of the company no later than three business days prior to 31 October preceding the Annual General Meeting.
CORPORATE GOVERNANCE
The Nomination Committee will be convened by the Chairman of the Board of Directors, and the Committee will appoint a chairman among its members. The Nomination Committee should give its proposal to the Board of Directors of the Company by 20 January preceding the Annual General Meeting. In 2015 Cantell Oy, Danske Invest Suomen Pienyhtiöt Fund and Säästöpankki Kotimaa Fund have appointed Aaro Cantell, Chairman of Affecto’s Board of Directors, Tuomas Virtala, Head of Danske Capital Finland, and Petteri Vaarnanen, Head of asset management in SP-Rahastoyhtiö, as members of the Nomination Committee. Lombard International Assurance S.A. did not appoint a member. BOARD OF DIRECTORS The Board of Directors has overall responsibility for the appropriate administrative and operational organization of Affecto Plc and its subsidiaries. The Board ratifies the principles that govern group strategy, organization, accounts and financial management. The Board also appoints the group’s Chief Executive Officer. The shareholders of Affecto Plc elect the Board of Directors annually at the Annual General Meeting. The Board consists of three to seven members. The term of office of the Board members ends at the conclusion of the first Annual General Meeting which is convened after the election. The Board convenes regularly at least 11 times a year, and whenever required. In 2015, the Board convened a total of 15 times, and average attendance level was at 96 per cent. The members’ attendance in the Board Committee meetings in 2015 is shown in the table below:
Position Aaro Cantell chairman Olof Sand vice chairman Magdalena Persson member Jukka Ruuska member Tuija Soanjärvi member Lars Wahlström member
Audit Board committee 15/15 1/1 14/15 14/15 1/1 13/15 3/3 14/15 4/4 15/15 3/3
People, nomination and compensation committee 3/3 3/3 3/3 -
The Chairman of the Board of Directors have received a monthly remuneration of 3 500 euros, Vice-Chairman 2 750 euros and a member 2 000 euros as decided in the Annual General Meeting. A fee of 250 euros has been paid for participation in Committee meetings, save for meetings of the Shareholders Nomination Committee. Additionally, reasonable travel costs have been paid.
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AFFECTO FINANCIAL STATEMENTS 2015
Board members At the end of 2015 the Board of Directors comprised the following members: Aaro Cantell (chairman), Olof Sand (vice chairman), Magdalena Persson, Jukka Ruuska, Tuija Soanjärvi and Lars Wahlström. Other board members are independent of the Company except Lars Wahlström who worked as interim CEO from 1 January to 7 September 2014 and Aaro Cantell who has been a non-executive director for more than 12 consecutive years. Aaro Cantell is considered dependent of major shareholders in accordance with the Finnish Corporate Governance Code while Magdalena Persson, Jukka Ruuska, Olof Sand, Tuija Soanjärvi and Lars Wahlström are independent of the major shareholders. Aaro Cantell (b.1964) is the chairman of the Board and has been a member of the Board of Directors since 2000. Mr. Cantell is an entrepreneur and the chairman of the board of Normet Group Oy. He has in the past worked as Managing Partner of Fenno Management Oy and as Investment Director at the Finnish National Fund for Research and Development (Sitra). Mr. Cantell is the chairman of the board of VTT Technical Research Centre of Finland and a board member of the Federation of Finnish Technology Industries. Mr. Cantell holds a Master of Science Degree in Engineering. Olof Sand (b.1963) is the vice chairman of the Board and a member of the Board of Directors since 2013. Sand was the CEO of Anticimex AB in 2015. Earlier he has served as the CEO of Proact IT Group AB (publ) (2005–2012) and in various management positions at e.g. Acando, ABB Communications and Tele2. He is an engineer, additionally AMP (Harvard), IFL (Stockholm) and MBA (Uppsala). Magdalena Persson (b.1971) is a member of the Board of Directors since 2013. Persson is CEO of Interflora AB. Earlier she has worked in various management positions at e.g. Microsoft, Mando Group, SamSari and WM-Data Business Partner. She has a Licentiate of Economics and Management degree. Jukka Ruuska (b. 1961) has been a member of the Board of Directors since 2010. Ruuska is the CEO of Asiakastieto Group Plc. Earlier Ruuska has served as a Senior Partner at CapMan Plc, CEO of the Nordic Stock Exchange, CEO of the Helsinki Stock Exchange and has held management positions at Helsingin Puhelin Oy and Finnet Oy, Prospectus Oy and Kansallis-OsakePankki. Mr. Ruuska has LL.M. and MBA degrees. Tuija Soanjärvi (b.1955) is a member of the Board of Directors since 2011. Soanjärvi has served as the CFO of Itella Corporation in 2005–2011, as CFO of Elisa Corporation in 2003–2005, and at TietoEnator Corporation in 1986–2003, latest as the CFO. She is a member of the board of directors of Nixu Oyj, Basware Oyj, VRGroup Ltd and Metsähallitus. She has a master’s degree in Economics and Business Administration.
CORPORATE GOVERNANCE
Lars Wahlström (b.1959) is a member of the Board of Directors since 2011 and the interim CEO during 1.1.–7.9.2014. Wahlström is the General partner at Value Builder Europe AB. Wahlström served as the CEO of Telepo AB in 2009–2012. Previously he has worked at Oracle, EHPT (Ericsson Hewlett Packard Telecommunications), Allgon Mobile, Kockumation and Mölnlycke Healthcare. He has a degree in Business Administration from the University of Stockholm. Duties of the Board of Directors The Board has prepared its own rules of procedure, with the principal duties defined as follows: • Take responsibility for duties which the Companies Act, the articles of association or other instances has bindingly decreed on the Board of Directors • Ratify the strategy • Ratify the company’s management system on the submission of the CEO • Ratify the annual action plan and monitor its enforcement • Ratify the procedures for company internal control and risk management and monitor their implementation • Interim reports, financial statements and annual report – processing, approval and communication • Ratify group financing policy • Propose the dividend policy to the General Meeting • Decide on company and business acquisitions and divestments • Decide on significant individual investments and contingent liabilities • Ratify group incentive scheme and policy • Appoint and release from duties company senior management and decide on their employment terms and bonuses on the basis of proposals made by the Nominations and compensation committee • Establishment of subsidiaries • Supervise and develop the company’s corporate governance procedures • Evaluate and develop the operation of the Board of Directors • Evaluate the work of the CEO and feedback on it COMMITTEES OF THE BOARD The committees appointed by the Board have no independent decision making powers. The chairman of the committee informs the Board on the work of the committee. The minutes of committee meetings are distributed for all board members for information purposes. Audit Committee The task of the Audit Committee, which is appointed by the Board, is to supervise the efficiency of the company’s accounting and financial reporting system as well as to monitor the company’s audit functions. The committee is also charged with the supervision of matters and practices relating to sound corporate governance and, where necessary, propose to the Board any required measures to develop corporate governance. The audit committee shall comprise of three to five board members. The members will be nominated annually. The members of the audit committee shall be independent of the company and at least one member shall be independent of significant shareholders. The members shall have the qualifications neces-
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AFFECTO FINANCIAL STATEMENTS 2015
sary to perform the responsibilities of the audit committee, and at least one member shall have expertise specifically in accounting, bookkeeping or auditing. The Committee convened 4 times in 2015, attendance level was 100%. Committee members until the Annual General Meeting 2015 were Tuija Soanjärvi (chairwoman), Aaro Cantell and Magdalena Persson. After the Annual General Meeting 2015 the Committee members were Tuija Soanjärvi (chairwoman), Jukka Ruuska and Lars Wahlström. Duties of the Audit Committee: • To monitor the company’s financial position • To supervise the financial reporting process • To monitor the reporting process of financial statements (annual reports, interim reports) • To evaluate and develop the sufficiency, efficiency and appropriateness of internal control and risk management systems • To evaluate compliance with laws and regulations • To prepare the proposal for resolution on the election of the auditor and to evaluate the independence of the statutory auditor • To contact the auditor and to review the reports that the auditor prepares for the audit committee • To evaluate advisory services provided by the auditor • To monitor the statutory audit of the financial statements and consolidated financial statements • To monitor the description of the main features of the internal control and risk management systems pertaining to the financial reporting process, which is included in the company’s corporate governance statement People, Nomination and Compensation Committee The Company has a People, Nomination and Compensation Committee which is in charge of reviewing the procedures for remunerating employees as well as appointing the top management. The committee will also review and recommend relevant strategies and procedures in relation to the employment, leadership and remuneration practices of the company to the Board for approval. The committee’s rules of procedure determine its duties as follows:
Nomination and Compensation • Preparation of matters pertaining to the appointment of the managing director and the other executives as well as the identification of their possible successors • Preparation of matters pertaining to the remuneration and other financial benefits of the managing director and other executives • Preparation of matters pertaining to the remuneration schemes of the company • Evaluation of the remuneration of the managing director and the other executives as well as seeing to it that the remuneration schemes are appropriate • Answering questions related to the remuneration statement at the General Meeting
CORPORATE GOVERNANCE
People, Careers and Culture • Review the development of key strategies aimed at developing the organisation’s culture, people development, career growth and talent management practices • Review the employee value proposition of the company to ensure the organisation attracts and retains appropriate people for specific roles at particular times • Ensure the organisation has appropriate employee wellbeing strategies • Review other strategic initiatives associated with people, careers and culture. The Committee convened 3 times in 2015 and attendance percentage was 100%. Committee members until the Annual General Meeting 2015 were Jukka Ruuska (chairman), Olof Sand and Lars Wahlström. Committee members after the Annual General Meeting 2015 were Magdalena Persson (chairwoman), Aaro Cantell and Olof Sand. THE CEO AND THE LEADERSHIP TEAM OF AFFECTO PLC The Board of Directors appoints the CEO. The CEO is in charge of the management of the company’s operations and governance in accordance with the Articles of Association, the Finnish Companies Act and the instructions given by the Board. Juko Hakala has been Affecto’s CEO since 8 September 2014. He has previously served in various management positions at Accenture since 1998, latest as managing director at Accenture Digital in the Nordic countries. Earlier he has been responsible for Accenture Technology Strategy and Accenture Infrastructure Outsourcing units in the Nordic countries, and he has also built the Strategic IT unit in Finland. The Board has decided on the terms of CEO’s work. A written managing director contract, approved by the board, has been signed between the company and CEO. The CEO is assisted in the management of the group by the Leadership Team. The Leadership Team convenes at least once per month. The Chairman of the Board approves the nomination of the Executive Management Team members based on propositions by the CEO. The Leadership Team assists the CEO in the management of the group. At the end of December 2015 the Leadership Team comprised the following members: Juko Hakala (Chief Executive Officer), Mikko Eerola, (Managing Director, B2C Industries, Brand & Market) Håvard Ellefsen (Managing Director, Scandinavia & Partners ), Julius Manni (Managing Director, Finland & Culture) ja Stig-Göran Sandberg (Managing Director, Eastern Europe, South Africa & Delivery). On 28 November 2015, the Company announced that Martti Nurminen will start as the Chief Financial Officer and a member of the Leadership Team in February 2016 at the latest. The information with respect to the management shareholding is available at the Company’s website http://affecto.com/ about/investors/share/insiders/. INSIDERS Affecto complies with the Guidelines for Insiders issued by NASDAQ Helsinki, the guidelines of the Finnish Financial Supervisory Authority both of which are supplemented by the Company’s own
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AFFECTO FINANCIAL STATEMENTS 2015
guidelines. According to Affecto’s insider rules, public insiders are not allowed to trade in the Company’s securities during a period of 4 weeks prior to each quarterly report. The board members, the CEO and the auditor are permanent public insiders by law. In addition, the members of the Leadership Team have been named as public insider. Certain other Company managers and financial department employees have been named as company-specific non-public insiders. Additionally, separate insider registers are maintained for M&A activities and other projects possibly having a significant impact on share price. The complete list of public insiders in addition to the information with respect to their holdings is available on Affecto’s website at http://affecto.com/about/investors/share/insiders/. MAIN FEATURES OF THE INTERNAL CONTROL AND RISK MANAGEMENT SYSTEMS PERTAINING TO THE FINANCIAL REPORTING PROCESS Financial reporting and its internal controls Affecto prepares consolidated financial statements and interim reports in accordance with the International Financial Reporting Standards, as adopted by the EU, the Securities Markets Acts as well as the appropriate Financial Supervision Authority Standards and NASDAQ Helsinki Ltd’s rules. The Report of the Board of Directors of Affecto and parent company financial statements are prepared in accordance with Finnish Accounting Act and the recommendations and guidelines of the Finnish Accounting Board. Affecto’s financial reporting process consists of external and internal accounting. Internal control and risk management systems and practices as described below are designed to ensure that the financial reports as disclosed by the company give correct information about the company finances in all material respect. Affecto group has reporting manual which includes an overview of financial reporting process, key outputs, and roles and responsibilities within the process. Essential group policies are part of the guidelines. The up-to-date versions of reporting manual, other internal guidelines for financial reporting and timetables can be found at group intranet. Affecto’s subsidiaries in each country have separate finance organization and also business activities are local. Proper arrangement and monitoring of internal control is the responsibility of the local management in accordance with the group framework. Affecto group uses a common chart of account and consolidation and reporting application. Subsidiaries submit external and internal financial reporting to the group finance on a monthly basis. Reported figures are transferred through a common database to the reporting system which allows transparency of financial data in the subsidiary accounting and reporting. The group finance has defined the significant processes relevant to internal control over financial reporting, e.g. revenue, purchasing, payroll expenses, project management, finance, and related IT systems. Within this process framework, financial reporting risks and control objectives have been defined and group wide common control points have been designed to mitigate financial reporting risks in a preventive or detective way. Common control points include for example authorisations, key
CORPORATE GOVERNANCE
accounting reconciliations, project management procedures, segregation of key financial duties and analysis of financial performance and figures in order to identify any irregularities or errors. Group finance supports subsidiaries by regular monitoring and by providing additional guidance. The subsidiaries together with the group finance conduct annually a self-evaluation of the internal control points, which is then presented to the Audit committee. Financial reports prepared by the subsidiaries are analysed by Affecto group management and group finance to identify any irregularities or errors. In addition to the financial reports, operative segments’ management prepares monthly a written report of activities within the period in a standard form. Group management and operative segment management have monthly meetings including a review of business operations and financial position. Segment-based financial reports are prepared for the Affecto Board on a monthly basis. According its charter, the Board reviews and approves interim financial reports, financial statement releases and the financial statements. The group finance and finance managers of the subsidiaries meet semi-annually to evaluate and adjust the procedures related to financial reporting and internal controls. Internal control Internal control aims to ensure that Affecto’s business activities are efficient and proficient, financial reporting is reliable and that applicable laws, regulations and company’s internal policies are followed. Affecto Board has approved operating principles of internal control, which have been prepared in accordance with the Code recommendation 48. Operating principles include the main features of risk management process, summary of risks, control objectives and common control points for financial reporting as well as roles and responsibilities in executing and monitoring internal control in Affecto. The Board of Directors and the Audit Committee, which is appointed by the Board, supervise internal control and the risk management pertaining to the financial reporting. The Group CEO and CFO are together responsible for implementing the internal control and risk management together with the Leadership Team, subsidiary management teams and finance managers. Risk management process In Affecto’s risk management process, operative segments and the Leadership Team identify, assess and manage business risks on an on-going basis. The most significant risks are reported to the Board of Directors. The Board informs the market about the most significant risks and uncertainties in the financial statements and in the interim reports. Internal audit Affecto does not have separate internal audit function. The function is generally carried out by group finance department staff. Any audit results are reported by the CFO to the Board’s Audit Committee and to the CEO. If necessary, reports can also be addressed directly to the entire Board of Directors.
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AFFECTO FINANCIAL STATEMENTS 2015
AUDIT The company has one regular auditor, which must be a firm of independent public accountants approved by the Central Chamber of Commerce. The term of office of the auditor ends at the conclusion of the first Annual General Meeting held after the election. On 8 April 2015 the Annual General Meeting elected as auditor Ernst & Young Oy. Ernst & Young has served as auditor since 2015. The auditor with principal responsibility is APA Mikko Järventausta. The 2015 consolidated financial statements include audit fees of 127 thousand Euros to Ernst & Young as well as 34 thousand Euros in advisory fees. In addition, the 2015 consolidated financial statements include audit fees of 24 thousand Euros and advisory fees of 20 thousand Euros to KPMG. COMPENSATION SYSTEM Affecto Plc has prepared the Remuneration Statement in accordance with recommendation 47 of the Finnish Corporate Governance Code. Incentive schemes Key personnel in the Company (including the Leadership Team) are covered by an incentive scheme which is based on the attainment of half-yearly set targets. The Board has set the targets of the CEO. The targets of the Leadership Team are set by the CEO based on the guidelines of the Board of Directors. The targets and their weights set for individuals vary in accordance with their duties and status. On the whole, the targets are linked to the individuals’ performance in relation to the new orders, net sales and results of the whole Company or the profit centre and/or the individual concerned. The employees also have their own qualitative targets, the attainment of which is assessed separately from the financial targets. The targets and the levels vary by person and the targets are based on the Company’s long term financial targets set by the Board of Directors. The achievements of targets are reviewed half-yearly. The remuneration of the CEO and the Leadership Team The Board of Directors and the People, Nominations and Compensation Committee resolve on the remuneration of the Chief Executive Officer and the Leadership Team. The remuneration of the CEO and the Leadership Team consists of non-variable salary and half-yearly additional incentive. The additional incentive is based on metrics related to the financial performance of the Company such as new orders, net sales or profit and, on the other hand, individual specific qualitative targets and the maximum additional incentive amounts vary. The Board of Directors determines the additional incentive principles.
Option scheme (long-term incentive plan) The Annual General Meeting held in 2013 has decided on option program for long-term binding and compensation. The option program is described in detail in the company’s internet pages. The CEO or the Leadership Team members have not received any share based remuneration during 2015.
CORPORATE GOVERNANCE
Retirement benefits The CEO and the other members of the corporate management board are subject to statutory pension arrangements, and the group does not have supplementary pension agreements. Notice period and termination payment The CEO’s service contract prescribes a six month period of notice which applies to both parties. The CEO’s service contract does not contain any separate conditions relating to the payment of salary during the period of notice. CEO remuneration EUR 1000 Non-variable salary Additional Incentives Fringe benefits Share based remuneration Supplementary pension contribution Other benefits Severance packages Total
2015 270 13 14 0 0 0 0 297
2014* 248 0 3 0 0 150 0 401
*In 2014 non-variable salary included Juko Hakala and Lars Wahlström and other benefits include Juko Hakala’s signing fee 150 thousand euro. Leadership Team remuneration without the CEO EUR 1000 Non-variable salary Additional Incentives Fringe benefits Share based remuneration Supplementary pension contribution Other benefits Severance packages Total
2015* 962 236 47 0 0 75 149 1 469
2014** 1070 238 62 0 0 0 0 1 371
Kruse, René Lykkeskov, Julius Manni, Stig-Göran Sandberg and Hellen Wohlin Lidgard. **In 2014, Group management team (excluding Group CEO) included Håvard Ellefsen, Satu Kankare, Claus Kruse, René Lykkeskov, Stig-Göran Sandberg and Hellen Wohlin Lidgard. The total remuneration level of the Leadership Team rose slightly in 2015 as compared to 2014. The difference is mainly attributable to the costs related to certain Leadership Team members leaving the Company and other new members joining. At the end of 2015, the Leadership Team consisted of five persons in addition to the CEO while in accordance with the 2015 chart above, the Leadership Team consisted of eight persons in addition to the CEO. In addition to the Leadership Team at the end of 2015, the Company has announced that CFO Martti Nurminen will start in his position and as a member of the Leadership Team in February 2016 at the latest. Board remuneration The members of the Board of Directors receive the monthly fees decided in the Annual General Meeting: 3 500 euros/month for the chairman, 2 750 euros/month for the vice-chairman and 2 000 euros/month for board members. A fee of 250 euros is paid for participation in Committee meetings, save for meetings of the Shareholders’ Nomination Committee. Additionally, reasonable travel costs have been paid. The monthly remunerations for the entire term have been paid in August 2015 so that 60% of the remuneration were paid in cash and 40% were paid in the Company’s shares by issuing 20 984 treasury shares to the Board members. The shares are not subject to any lock-up arrangements. The Board members have no other share or share-based compensation plans. Nor are they included in other compensation schemes or pension arrangements.
*In 2015, Group management team (excluding Group CEO) included Mikko Eerola, Håvard Ellefsen, Satu Kankare, Claus
The Board members remuneration have been recognized as an expense during the financial year as follows: 2015 EUR 1000 Cantell Aaro, Chairman of the Board Persson Magdalena, Member of the Board Ruuska Jukka, Member of the Board Sand Olof, Vice chairman of the Board Soanjärvi Tuija, Member of the Board Wahlström Lars, Member of the Board Total
Remuneration 43 25 25 34 25 25 177
2014 Number of shares received* 5 154 2 945 2 945 4 050 2 945 2 945 20 984
Remuneration 39 23 31 22 23 22** 160
Number of shares received* 5 044 2 837 3 941 2 837 2 837 2 837 20 333
*The Euro amounts corresponding to the shares are included in the total compensation. **Does not include the CEO remuneration that Lars Wahlström received during his time as the interim CEO between 1 January 2014 and 7 September 2014.
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AFFECTO FINANCIAL STATEMENTS 2015
